Avadel Pharmaceuticals plc (NASDAQ:AVDL) Receives Average Rating of “Buy” from Brokerages

Avadel Pharmaceuticals plc (NASDAQ:AVDL) has been given a consensus recommendation of “Buy” by the seven research firms that are currently covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $24.57.

AVDL has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research note on Wednesday, September 4th. Finally, Rodman & Renshaw began coverage on Avadel Pharmaceuticals in a research note on Wednesday, June 12th. They issued a “buy” rating and a $27.00 price objective for the company.

Avadel Pharmaceuticals Stock Performance

Shares of Avadel Pharmaceuticals stock opened at $13.83 on Wednesday. The stock has a market cap of $1.33 billion, a P/E ratio of -7.44 and a beta of 1.53. The stock’s fifty day moving average is $15.68 and its 200 day moving average is $15.98. Avadel Pharmaceuticals has a one year low of $9.50 and a one year high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $37.47 million. During the same quarter last year, the company earned ($0.70) earnings per share. The business’s revenue for the quarter was up 2666.7% compared to the same quarter last year. Analysts predict that Avadel Pharmaceuticals will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AVDL. Avantax Advisory Services Inc. raised its stake in Avadel Pharmaceuticals by 3.8% during the fourth quarter. Avantax Advisory Services Inc. now owns 24,900 shares of the company’s stock valued at $352,000 after purchasing an additional 900 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after buying an additional 1,685 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of Avadel Pharmaceuticals by 2.4% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after buying an additional 2,100 shares in the last quarter. Modera Wealth Management LLC lifted its holdings in shares of Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after acquiring an additional 2,159 shares during the last quarter. Finally, Chilton Capital Management LLC purchased a new position in Avadel Pharmaceuticals in the first quarter worth about $51,000. 69.19% of the stock is currently owned by institutional investors.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is LUMRYZ, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017.